If you already have a trust document put together, you should consider the type of trust that you selected as far as whether or not you’ll be eligible to amend a trust in the future. An irrevocable trust cannot be amended in the future, regardless of the changes you would like to make. Furthermore, it cannot be closed because it is an irrevocable or unchangeable trust. 

If you have a revocable living trust, however, you may be able to use this tool. Since not every trust is amendable, you’ll want to make sure you select the right strategy when putting together a trust to begin with. You cannot initial any changes that you make on the document and consider this an updated trust.

You’ll want to use an amendment to the trust in order to update the changes you have made. Having a consultation with a knowledgeable estate planning attorney to review your existing trust documentation and to discuss what you hope to accomplish with an amendment is extremely important for articulating what will be changed. The right advisor will walk you through how these changes may influence the other factors within your trust and you will get further information about what is truly in your best interests.

If you have many changes to make to a trust, you may wish to revoke the existing trust and generate a new one. However, the decision between whether or not you should put together a new one or amend an existing trust is one that should be discussed directly with your lawyer.

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